The Cars

Most people love their cars, but don’t really stop and consider what life would be like without them. Even one day without a car is a disaster for most people. But for the majority of human history, the common man pretty much had to walk everywhere. Even if your were lucky enough to get a seat on a train, you’d have to worry about people like Jesse James.

Of course, if you drive a car, then you need to have some kind of insurance. Without insurance, you are breaking the law. Most people think of insurance as little as possible, and pay as little as possible to satisfy the legal requirements. However, there are some hidden truths in the world of insurance that you absolutely must know about.

One of the biggest mysteries to most people is the existence of both insurance companies and insurance brokers. Most people think these are the same thing. They are very different. Insurance companies are the ones that take on the actual financial risk, and pay out benefits in case there is an accident.

Brokers are people that just shop around for you. They don’t provide the actual coverage, they just connect you to the insurance company. One thing about brokers is they always charge a brokerage fee, or a commission. This can sometimes be as high as five hundred dollars.

Another thing is uninsured motorist. It is a special add on that is not required by law. If you get in a wreck with somebody that doesn’t have insurance, and it’s their fault, you may be in trouble. The insurance company might not pay if you don’t have this extra part in your policy.

There’s much more going on in the world of insurance than just trying to get the cheapest rates. You need to make sure you understand all of it so you are adequately protected.

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